You can build a gaming PC on par with the PS4 and Xbox One for $399

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GamingBolt has put together a handy guide to help you build a suitable gaming PC for the same price as a PS4 or an Xbox One.
 
These are the components GamingBolt used:
 
  • AmazonBasics Wired Keyboard and Wired Mouse Bundle Pack
  • MSI AMD Radeon HD 7770
  • Logisys Corp CS369BK USB 3.0 Gaming Case with 480W Dual Fan Power Supply Black) / Ark Technology PA-08 Black ATX Mid Tower / Computer Case with 500W Power Supply
  • Crucial Ballistix Sport 8GB Kit (4GBx2) DDR3 1600 MT/s (PC3-12800) CL9 @1.5V UDIMM 240-Pin Memory BLS2CP4G3D1609DS1S00
  • Seagate Barracuda ES ST3500630NS – Hard drive – 500 GB – internal – 3.5″ – SATA-300 – 7200 rpm – buffer: 16MB
  • Gigabyte GA-F2A55M-S1 FM2+/FM2 AMD A55 USB2.0 mATX DDR3 2133 Motherboard
  • AMD Athlon X4 AD750KWOHJBOX 100W 3.4Ghz Processor
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This is a pretty good gaming computer for $399.

It's crazy how building your own computer is becoming more affordable these days. I bet in a few months or a year, this computer would cost $199-299 because there would be newer and better computer parts which would cause older parts to drop in price because of newer parts costing the same.

It great to see that this computer uses a dedicated seperate video card instead of slower onboard video which is common on cheaper computers from PC makers like HP, Dell, and Lenovo.

If you already own a keyboard, and mouse, you can save the extra $15, and use the money to buy a 1.5TB hard drive for $60 online instead of a 500GB drive for $50 since a 1.5 TB drive cost $10 dollars more than a 500GB drive.
 
But can it play playstation and Xbox games? It's what keeps people from going all PC.
 
A lot of popular games like Grand Theft Auto V, Final Fantasy 7, Resident Evil, Battle Field, Fable, Call of Duty, Watch_Dogs, etc  get release to PC in the future, or get release on the same day as the console versions. 

There are also a lot of PC games like Dota 2, League of Legends, World of Warcraft, Star Craft, Second Life, Runescape, and Counter Strike which keep gamers gaming on PC.

There is a rumor that Xbox One games could be streamed to PC's web browser according to http://www.technobuffalo.com/2014/09/13/microsoft-reportedly-testing-xbox-games-in-the-browser/

Sources speaking to Neowin claim Microsoft wants to bring Xbox games to your browser. The platform would essentially work like Sony’s PlayStation now, but could potentially offer one huge feature that’s tormented streaming game services in the past: lag.


I bet Playstation will someday also release their console games to PC, or have them streamed with PSNow, so more gamers could play their games.
 
The Fable series is a first party game made by Microsoft. A lot of people enjoy playing third-party games as well, so Third-Party games do matter a lot for many people.
 
There is a story on VentureBeat that MS maybe preparing for the day when Xbox becomes obsolete.

Enjoying your new console? Well, Wedbush Securities analyst Michael Pachter thinks it’ll soon be obsolete, and he thinks that Xbox maker Microsoft knows it.

“I think consoles are going away, because you used to need a console because you could not connect a microprocessor to your TV screen,” Pachter said.

“Now, if you have a Chromecast stick or a Roku box, you can. So why do we buy consoles? I mean, your phone will be powerful enough to power any game in two more generations. And, so, why buy a console? I think Microsoft actually knows that.”
Source

 I bet the PC and Xbox console will becomes ONE device where you can use a PC with Windows to play Windows games, Windows Phone games, Xbox One games, Steam Games, and the many free online web browser flash, Java and Unity games online on one computer.

With the low sales of Xbox in places like Japan, MS may need to make an affordable Gaming PC which can also play all Xbox games from the Xbox 360, One, and Xbox original in Windows 9 or Windows 10.
 
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